Swefland

Did You Know?

Yes, foreigners can get loans from Georgian Banks for their real estate investments even if they do not have Georgian source of Income. To get a loan in Georgia as a non-resident, you need to prove your income from foreign source.

Ownership of property with a market value more than the equivalent of $100,000 USD in GEL is grounds for granting a “short-term residence permit”. The short-term residence permit is granted to the owner of the property and his/her family members (i.e., spouse/children. As of May 12th, parents of the owner no longer qualify as family members. Adult children may qualify in some circumstances. Contact us for the latest information on this topic). The duration of the short-term residence permit is for no more than 1 year, but it can be renewed annually so long as the value of the property owned in Georgia continues to meet the required amount. If those requirements cease to be met, the SDA can revoke your residency.

Ownership of property that’s valued at more than the equivalent of 300,000 USD in GEL is grounds for granting an “investment residence permit” (Article 15.h). The investment residence permit is granted to the owner of the property and his/her family members (i.e., spouse/under-aged child). The duration of the investment residence permit can be up to 5 years.

Holding an investment residence permit for 5 years can become grounds for granting a permanent investment residence permit (article 15.k). When the ownership of property becomes grounds for granting a residence permit, it is imperative that the foreign citizen retains ownership of the property, or of a portfolio of properties, with a total value exceeding 300,000 USD.

To complete a purchase, the following is necessary:

  • Identification document (passport or Georgian ID card; if using a foreign passport, a translated and notarized copy may be required).
  • he real estate purchase agreement which is to be signed in the presence of the relevant authority or a notary.
  • Payment of relevant administrative and notary fees.
  • The relevant authorities are entitled to request additional information and/or documents.
  • No special permit is required to make the purchase, as a non-citizen.

Yes, if you as a principal grant someone else the necessary powers under a Power of Attorney.

If you are a foreign citizen who does not have a Georgian residence card, a Power of Attorney should be executed by a notary in Georgia. Alternatively, you as the principal are entitled to issue a Power of Attorney in a foreign country, legalize/apostille it in that country, and then send it to your trustee in Georgia, who will translate and notarize it in Georgia.

If you are a Georgian citizen or a foreign citizen who has a Georgian residence card, a Power of Attorney can be executed by a notary in Georgia while you are physically present, or remotely from abroad. This can be done through a video call with the Georgian notary. Also, two witnesses (who will identify you) and a third person (who will sign on your behalf) will need to be present during the call. None of the three persons should have an interest in the execution of the Power of Attorney. The trustee, as well as the three persons present during the call, do not need to be Georgian citizens or have a Georgian residency card.

At the moment of purchase of residential property, you, as a buyer, will not be subject to any taxes.

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